So, when you have paid your mortgage off...

JonnyBravo

Boozer wrote: »

selling it in the next few weeks as i am not allowed to put my baby in the boot.

Women! :roll eyes:

Or perhaps it is some kind of ancient law where you'll end up getting done on a technicality. Grrrrr.

Either way....... madness, absolute madness!

hillcats

Continue to pay the same amount we are use to paying out into a savings account to allow us more freedom and greater piece of mind, but hey that thought is still a few years away !

Scarum

I became MF last week and have on average £600 a month spare so will be planning to do some home improvements, get a new 32" Sony TV and perhaps a few other luxuries which I didn't buy during the time I paid off the mortgage.

I have piggy bank for a rainy day (btw, gearbox on car failed last month!) and there's little point saving a lot of cash with lowish interest rates and a higher inflation so best thing right now is to maintain and add value to the house - and enjoy ourselves!

kayakgirl

hope to be mortgage free before i turn 40 so that at least i have something to look forward to...

my BF wants the money freed up to buy a chalet in the alps so that he can go skiing in winter and kayaking in summer... bit of a pipe dream... might be cheaper with a camper van

Boozer

Scarum wrote: »

, get a new 32" Sony TV !

Come on Sacarum, you have just managed to pay off your mortgage, go for 50"

ninky_2

i plan to rent the place out and go travelling with OH for a few months at least.

JodyBPM

I'm hoping to be mortgage free in at worst 5 years, at best 2 I will be mid-late thirties, possibly 40

It won't end there though, my dream is a lovely country cottage with land and chickens, ducks etc. Doesn't come cheap in the SE though, but by getting ourselves MF we should be able to afford a set up like that with the same level of mortgage as we started with on this average 3 bed suburban semi, which means we can comfortably afford in on one salary or with me working p/t as I do currently. And then the mortage free quest will no doubt start again !

cabbage

Hi

Paying off the further advance sometime this month from the 80's endowment policy (we swapped to repayment years ago).

The money saved will go towards paying off the main mortgage account. I am already overpaying £200 pcm. It has 12 years to go and I am 47. Second endowment kicks in in 2014 so that will pay off the remaining mortgage.

I'm getting really excited about reducing the total mortgage by about a third.

I am very happy for all those who have paid off their mortgage and especially salute the young uns for getting their heads screwed on and being sensible as such an early age.

It must be a fantastic feeling being mortgage free and I don't begrudge or feel jealous that you have the dosh to do what you like. You've worked and saved hard and deserve it - well done.

Not sure what I will do when I am mortgage free but alot of the money will go on fantastic holidays.

lilac_lady

Being mortgage and debt free gives sense of freedom to your life. Spend some, save some, worry less.

uzubairu

lilac_lady wrote: »

Being mortgage and debt free gives sense of freedom to your life. Spend some, save some, worry less.

In a nutshell.

On target to completely pay it off in 4 years or 5.5 years max.